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TSX to shut down Posit Canada order matching network

01 October 2004  |  5692 views  |  0 Toronto?

The Toronto Stock Exchange (TSX) says it will shutter the Posit Canada order matching facility at the end of the year due to lack of demand.

Posit is an electronic order matching system that prices trades at the mid-point of the bid and ask in the continuous market. All orders are anonymous and trade reporting shows an anonymous broker number. The system was developed by a joint venture set up between ITG and a subsidiary of Barra.

TSX Markets says the facility is being closed because the Canadian marketplace demand and usage does not support its continued operation.

The exchange has been using the Posit software internally for daily matching sessions of TSX listed issues since 2001.

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